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. >>> when we come back on squawk, bank of america ceo brian moynihan in his own words, we caught up with him yesterday to talk about business, the economy and the looming figure. as we head into a break, bank of america, best performing dow component of the year. up about 77%. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? indicated up 14 points. unable to hold on to the gains we saw yesterday
and hiring in the future and what that does to the economy. >> we spoke with bank of america, mr. moynihan, and he said he talks to a lot of small businesses including a lot of manufacturers and they're telling him that not only is this impacting 2013 plans, but if there is not a solution that comes early in the new part of the new year, there's not a solution early that deals not only with the fiscal cliff but also the fiscal abyss, that he expect this is to start affecting hiring plans for 2014, as well. is that a serious concern for your manufacturing base at this point? >> i think it is a very serious concern. we did a survey, a study a couple months ago called fiscal shock. and it showed that we've already seen a 0.6% contraction in the economy because of manufacturers concerns about the fiscal cliff that's coming up. and the report also showed that if we go over the cliff, meaning if we just go over it in the first few days of next year, that we could have a 13% cumulative contraction in the gdp between now and 2015. and 6 million jobs lost. now, a lot of those will come from small a
of america, merrill lynch recently held a 38% stake in hertz. after the offerings, the funds will hold a roughly 26% interest in the rental business. after the sales, hertz will not receive anything from the proceeds of the sale. coming up, squawk on the farm. we're going to talk crops, crops, crops, tractors and other equipment. and what it all tells us about the global economy. stay tuned. >> announcer: team, "squawk box" exclusive coverage of the "new york times" deal book conference. investing, the economy and the looming fiscal cliff. jpmorgan chairman and ceo jamie dimon, carl likely group co-founder david rubenstein and a lot more. it all starts tomorrow at 6:00 a.m. eastern. hi, i'm phil mickelson. i've been fortunate to win on golf's biggest stages. but when joint pain and stiffness from psoriatic arthritis hit, even the smallest things became difficult. i finally understood what serious joint pain is like. i talked to my rheumatologist and he prescribed enbrel. enbrel can help relieve pain, stiffness, and stop joint damage. because enbrel, etanercept, suppresses your immune s
? this is big news. >>> playing politics with america's fiscal future. >> we're nowhere, period. we're nowhere. >> they would like to go beyond that or do it differently. >> but we're rising above it and putting your money first. guest host david walker of comeback america initiative and democratic strategist steve mcmahon both here to help us find solutions. >> then, what goldman's jim o'neill is so he seeing to help you prepare for your investments straight ahead. plus, adding opportunities door to door. >> have a good day. >> thank you. >>> domino's pizza ceo patrick doyle is here. the second hour of "squawk box" begins right now. >> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew is out this week. we've been watching futures this morning and they are indicated slightly higher. dow futures are up about 35 points above fair value, s&p futures and the fass dak futures are higher, as well. in your morning headlines today, the fiscal cliff dominating the sunday talk show circuit. treasury secretary tim geithner expressing on meet
of america, right? >> i had a lot to do with it. >> you did it, i thought. i thought you said we've got to do this. i'm allowed to say that. you were under fire. you were cool and you did that. >> it was a difficult time. >> it was. >> this negotiation is very important for the country. and so i was going back on the debt ceiling. mitch mcconnell has something out there from the middle of 2011 that's a potential compromise, where you don't have the fight about the debt ceiling every time the president proposes it. congress can with 2/3 override it and the republicans can maybe say they're not happy with the progress or maybe you have triggers along the way so you don't have the debt ceiling fight every time as long as the expense agreement cuts that have been reached are hit along the way. there's a potential compromise on that one as well. it's a very important topic and it's not going to get done if both side don't walk away. >> neither side can do this by themselves. >> no. >> both of them can go over the cliff. >> but neither side can reach an agreement. >> with real consequence. >> i kno
of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, shares seem to be fwllat. bundesbank announced it had cut its growth outlook for the country. in the u.s., the nasdaq snapped its losing streak yesterday with its first gain in five days. the dow was on pace for its third straight weekly gain. u.s. equity futures at this hour -- we don't have them. maybe joe has t
electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called
the senior u.s. economist at bank of america, merrill lynch. you're going to get some clients today asking what do you think of the fiscal cliff? and have things changed in your mind in terms of how you're advising them. what are you going to tell them? >> i think i'm pretty encouraged by the news of the weekend. i think there's still a lot of negotiating that has to be done. but the fact that boehner is talking about revenues is talking about extending the debt ceiling for another year, provided it comes with some spending cuts, i think that's encouraging. it shows that at least in the public eye we're now hearing that there's real negotiating going on. >> do we go past january 1st? it doesn't matter? >> i -- i think if there's -- it's a close call. i don't think we go past january 1st. but i do think it matters. i think if we fall off the cliff, i think it will take a long time -- i don't think it's a bungee jump. i think it will take some time to get back. >> thank you for being with us today. >> when we return, more of today's top stories. >>> plus, market strategist and "squawk" maste
? >> right. >> my real concern is this is what the current version of america actually voted for. >> the house is different. all politics is local. harry reid, you know which interest he satisfies. >> they're not that far apart. if you look at the negotiating positions, they're not -- >> they're emotionally far apart. >> for that bigger deal. >> so, really, the numbers aren't that different. you would think with even a small amount of good will they could find -- >> i'll tell you, listening to harry reid, it was once again the only people in the country that don't want to raise taxes on rich people are the republicans that are in the house. but i didn't hear anything about corporate tax reform, i didn't hear anything about reforming the overall tax code, i didn't hear anything about entitlements. i didn't hear anything about spending. we're at 25% of spending as a percentage of gdp and they hold the debate on raising taxes on the top 2%. they're gotten it to where we're going, yeah, it's taxes and we don't expect them, we don't demand that they talk about a bigger deal to avoid o
between america, i think, and really growth is having a long-term fiscal plan. what i would like to see, and i really like bob corker, he is a great guy, he's the kind of person we need in the u.s. senate, but i'd like to see some of these cuts locked in now, and i'd like to see some of this entitlement reform locked in today. i don't want to see all of that wait for six weeks. >> hmm. what's the right level for dividends and capital gains, do you think? should they be lower than ordinary income? >> look, i think what you will see is i think they'll both probably go to 20% would be my guess. i don't think you'll see dive dinds go back to ordinary income rates. >> is that okay? >> that's part of bowles-simpson or simpson-bowles, put it back at ordinary rates. what's ordinary rates coming down to? >> we brought ordinary rates down to 23%. you know, that's a horse of a different color. ordinary rates are going to be -- >> is it 23 or 28? that's another thing we always hear. >> well, what we put out is what the zero option was, which got it down to 8% of $70,000. 14% up to $210,000. and a m
interestingly for the management of industrial america. for the good of america, we know that there will be winners and losers. coming to resolution is good for the country. we've got to use that as our gie guide post. >> last year boehner and the president were at -- were at 800, that looked like it might get done on new revenue. then supposedly the president heard from -- read the tea leaves from some republicans and thought he could go up another 400 to 1.2. this time he started at 1.6, and now the new offer yesterday is reportedly 1.4. what can -- what can the country take do you think that won't hurt growth? is it 1.4 -- you got to raise the high end, you got do the 2% going to 39.6. then you got to do stuff with dividends and you got to do -- to get to 1.4, you're talking about maybe doing stuff with muni bonds. you got to go all over the place to get that number. >> yeah. and joe, look, i mean, any kind of tax increase has the effect of putting the brakes on the economy. we've got to reach a resolution between cost reductions and revenue flexibility. i would hope t
? in the malls? in the stores? or online? >> we have 750 kiosks throughout shopping malls in north america and that's our primary route to market. although we have a booming business in the online channel, and we also sell through a lot of traditional retailers, it's really the kiosks, the heart of the company. >> how have things been going so far this year? how would you gauge the consumer strength just based on what you're seeing? >> consumers are cautious. i mean, similar to what you've been reporting, consumers are cautious. we saw a -- an increased percentage of business being done in the black friday through cyber monday weekend. and we also are seeing a late surge. so we believe, we're very optimistic for this weekend. we think they're coming late and they're going to come in masses. so we're feeling good about this. >> are they waiting for sales at the end of the very last few days before the holiday season? and are you offering any? >> some are waiting for sales. we will be offering modest sales probably at the end of the weekend. not in the beginning. we are fully stocked and loa
. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. and don't get heartburn in the first place! excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. what starts with adding a friend... ♪ ...could end with adding a close friend. the lexus december to remember sales event is on. this is the pursuit of perfection. >>> welcome back to squawk"squa the street." dow jones would open 20 points higher. s&p 500 up about two points. making headlines,
at a time. and with the fiscal cliff we're hearing so much about, there are a lot of people in america who are working poor, falling through the cracks. and americans want to give, not for tax deductions. they want to give to help their neighbors. they go on the site, pick the family they want to help and what we do is provide the platform and we distribute the give in kind. so our families who we vet never get cash. we pay doctors, we pay landlords, we pay tuition. it is the future of giving. you're not going to stuff a check in an envelope at christmastime like a parchbt. you want accountability. you want to be able to choose who you want to give to. >> but going back to joe's question about the family, so you're choosing these families? there's a self-selection of some sort. >> yes. >> so we are inundated with requests that come through the site for help. these are elderly people needing eyeglasses, kids ready to graduate from college who can't afford the basics, working mothers, working fathers. one of the categories we were surprised about are working single fathers. they come to the
's too soon to see the effects it may have for bank america's bottom line. >> it's a good gimmick to get people to start thinking about what they're saving. >> when you log onto this system, it not only digitally ages you, something you can do on iphone, which tells you digitally what things cost. when i retire, the domestic airfare is very expensive. $7 for a gallon of gas. >> $7 for a gallon of gas? >> who knows. >> why didn't you ask for an old tape of me. i can show you aging. it doesn't need to be digital. >> the problem is, even if we took a picture of you now. you wouldn't really age that much. you guys are eternal. >> i have to say, you don't look that deficit. >> i have to look pretty much -- >> are you going to show -- >> andrew is not here and that's a shame. we can do him. >> that's you. >> that's me. in case you didn't see it in the video. this is andrew. andrew wanted to make sure he got any lighting right in the picture. the middle picture is andrew if he ever retires. he's a workaholic. 107. still alive. he looks pretty good. >> if you're here at 107, not a bad deal. it c
are great. thanks for having us and happy holidays. i just want to say, you know, america is an awesome, amazing place. i know things have been tough and there's a lot of kind of back and forth about politics. but it's pretty amazing, the opportunities that we all get here. and that we just -- we've been dreaming big and -- >> that's great. >> and it's been awesome. >> you live where there's 300 days of sunshine a year. >> not a lot of folks know that, too. snow in the mountains. boulder is heaven. >> you were smart to go to school there. i wish i did. >> it's the greatest place. we'll be out there in march. maybe we'll stop by and take a tour. >> we would love to see you and we so appreciate this opportunity to be with you guys. >> coming up, attention road warriors. are you a frequent flyer? if you think you have a lot of miles under your belt, you have not seen anything yet. wait for this. until you hear from our next guest, united airlines' top flyer of all of 2012. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only n
tom price will be our special guest. "squawk box" coming right back. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> good morning and welcome back to "squawk box." here on cnbc. you've got to lost that shot. i'm joe kernen. along with becky quick and andrew ross sorkin. back in we call it ec, englewood cliff, new jersey. i'm in washington with my friend, john harwoo
about the u.s. treasury markets and how low yields are across the curve. high yield, corporate america, still around 6.5% and loans are around 5% and a more short duration assets. she should be trading at the higher end of the market. >>> when when we talked to david tepper, he said equities are the better value at this point. would you agree with that? >> yeah. i think if we get past this fiscal plan, all likelihood is next year will be a positive year. think about what can drive equity returns next year, it will be more about multiple expansion. he think there will be some leverage growth. where are you going the drive equity returns will be if multiples increase and really drive equity valuations. the high yield market in a lower growth stable market is going to get you good, stable returns with a lot less volatility. we do like some equities here, but we also like the credit markets and the loan markets. >> kevin, why doebts you weigh in on where things stand right now. we know what the fed is doing at this point. if washington gets its act together and we see some sort of an agree
in north america so far. it's a huge success. it's the quickest car in its segment. it has a carbon fiber construction. a lot of formula one drive technology. 0 to 60 in about three seconds and a quarter of a mile in under 11 seconds. >> you said you can roll down the back so you can still hear the engine. must be a really cool sound, right? >> you sure can. let me finish closing up -- >> the back? >> yeah, andrew, you had to keep your finger on that thing. >> here we go. >> might open now. >> open up. >> that's okay. we can open it and start. >> yeah. >> all right. >> i'll back up with my mike back here. >> wow. >> it's pretty. >> i think you're talking to me telling me we need to go, right? >> we do need to go. >> can't hear. >> you square for the quality, not at the quality, i mean it's not going to be like some british car where you got to drop the engine to change the wiper blade, right? >> you make this car in our technology center just outside of london, the same place where our formula one cars are designed and built. >> great, thank you. >> thank you very much. >> great to see yo
Search Results 0 to 19 of about 20 (some duplicates have been removed)